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30 Sep 2013
Flash: USD/JPY keeps bearish tone - TDS
FXstreet.com (Barcelona) - USD/JPY retains a soft bias, according to Shaun Osborne, Chief FX Strategist at TDS.
Key Quotes
" The past month has seen the USD form a series of weekly “doji” candles at or just below the 100 level—”spinning tops”
in candlestick terms—which leaves the USD vulnerable to a shift lower."
"We spot daily support at 97.56 today where trend resistance (now support) off the May high converges with cloud support—but the damage (via poor weekly signals and the negative short-term patterns) has perhaps already been done."
Key Quotes
" The past month has seen the USD form a series of weekly “doji” candles at or just below the 100 level—”spinning tops”
in candlestick terms—which leaves the USD vulnerable to a shift lower."
"We spot daily support at 97.56 today where trend resistance (now support) off the May high converges with cloud support—but the damage (via poor weekly signals and the negative short-term patterns) has perhaps already been done."